If you’re In a title state make proof of utility pay off a condition of closing.

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

We had to wait a few more days due to the title company needing to get documents together.  

I recently had to replace my HVAC system because it was red-tagged.

Could/would Mom be willing to add you to title and you both sign for a mortgage, once renovations complete?

Once the construction of the business building was far enough along (but no more than 180 days) that the price of the land and the amount of improvements you make on it are equal to the sale of your old investment property you take title to it and that would complete your 1031 exchange. 

Instead of shelling out $60K for a $250K deal, maybe some of you can help me figure out (or give referrals) to title companies, etc, or give overall advice how to save me money from this enormous financial endeavor (closing the deal).Thanks!

I paid about $1500 in closing costs between title, appraisal, etc, but the original loan was wiped out in favor of a new lower rate. 

Hi Stacie, As long as you have $10,000 of documented rehab, you should be able to cash out up to 80% of the new appraised value without any title seasoning on a DSCR loan. 

Thanks for the tag @Nicholas Aiola@Stanley NguyenGreat discussion!